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South Korea Pharmaceuticals and Healthcare Report Q4 2011 Published on August 2011
Report Summary BMI View: Unlike some observers, BMI classes South Korea as a developed country and this is underpinned by the balanced risk/reward profile of its pharmaceutical market. Negative attributes include the sub-standard enforcement of intellectual property rights, market access issues and price cuts. Demand for pharmaceuticals will be supported by an ageing population and a culture of medication. The anticipated free trade agreement with the US will be emphatically welcomed by foreign multinational drugmakers.
Headline Expenditure Projections - Pharmaceuticals: KRW13,212bn (US$11.43bn) in 2010 to KRW13,917bn (US$12.65bn) in 2011; +5.3% in local currency terms and +10.7% in US dollar terms. Our forecast has been revised down from Q311 due to macroeconomic factors. - Healthcare: KRW78,406bn (US$67.80bn) in 2010 to KRW83,873bn (US$76.25bn) in 2011; +7.0% in local currency terms and 12.5% in US dollar terms. Our forecast has been revised down moderately from Q311 due to macroeconomic factors. - Medical devices: KRW4,151bn (US$3.59bn) in 2010 to KRW4,512bn (US$4.10bn) in 2011; +8.7% in local currency terms and 14.3% in US dollar terms. Our forecast has been revised down slightly from Q311 due to macroeconomic factors. Business Environment Rating: South Korea's Pharmaceutical Business Environment Rating (BER) has fallen from 67.9 out of 100 in Q211 to 66.4 in Q311. The downgrade is due to a negative revision to its Industry Rewards, which comprises pharmaceutical market size, per-capita spending on medicines and sector value growth. South Korea retains second place in the 18-country Asia Pacific ratings system. Key Trends & Developments - In July 2011, The Korea Food and Drug Administration (KFDA) approved the sale of FCBPharmicell's Hearticellgram-AMI, a stem cell therapy for acute myocardial infarction. The product is injected into coronary arteries to assist the regeneration of cells, resulting in the recovery of heart function. The use of stem cell treatment is still largely experimental, and costly in the case of bone marrow transplant. Therefore, BMI believes South Korea's approval of Hearticellgram-AMI highlights a significant milestone as regulatory bodies are slowly opening up to the use of stem cells on a wider scale. BMI Economic View: South Korea's current account surplus widened in March 2011, coming in at US$1.4bn from a revised US$1.1bn in February. Both goods exports and imports hit record highs, with the increase in exports exceeding that of imports, boosting the goods surplus. Meanwhile, the services deficit narrowed, as services exports similarly outperformed services imports. While we expect the underlying trend of current account surpluses to remain intact, we note that the upside is limited. As South Korea's oil-intensive economy is very dependent on oil imports (the world's fifth largest net oil importers), elevated oil prices will continue to prop up import costs. BMI Political View: The ruling Grand National Party (GNP) won only one of the three key races during the April 27 by-elections and the disappointing results could stall President Lee Myung-bak's reform drive and exacerbate factionalism within the party. In contrast, the opposition Democratic Party (DP) won both the Bundang and Gangwon races, two areas which were previously thought to have a conservative bias, and this strong resurgence will likely strengthen the party's position within the opposition camp.
Table of Content Executive Summary 7
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>> Get this Report Now by email! Headline Expenditure Projections 7 Key Trends & Developments . 7 SWOT Analysis 9 South Korea Pharmaceuticals Industry SWOT . 9 South Korea Political SWOT .. 10 South Korea Economic SWOT 10 South Korea Business Environment SWOT . 11 Pharmaceutical Business Environment Ratings 12 Table: Asia Pacific ' Regional Business Environment Ratings, Q411 . 12 Rewards .. 13 Risks ... 13 South Korea ' Market Summary ... 15 Regulatory Regime 16 Regulatory Developments ... 17 Controversial Trade Practices 19 Direct-To-Consumer Advertising 20 Intellectual Property Regime .. 20 Market Access Barriers... 21 Patent Litigation . 21 Pricing Regime ... 22 Price Cuts ... 23 Reimbursement Regime ... 24 Hospital Purchasing ... 25 Foreign Trade Developments .. 26 Industry Trends and Developments . 27 Epidemiology .. 27 Non-Communicable Diseases . 28 Communicable Diseases . 29 Healthcare System .. 29 Healthcare Financing . 30 National Health Insurance Corporation . 30 Healthcare System Reforms 31 Medical Tourism . 31 Research and Development . 32 Table: New Molecular Entities (NMEs) Developed By South Korean Drugmakers . 34 Clinical Trials . 34 Biotechnology Sector .. 35 Table: South Korea's Bio-Industry Backbone . 37 Industry Forecast Scenario ... 38 Overall Market Forecast. 38 Table: South Korea - Pharmaceutical Market Forecast, 2008-2015 ... 39 Key Growth Factors ' Industry... 40 Table: South Korea - Healthcare Expenditure Forecast, 2008-2015 ... 41 Key Growth Factors - Macroeconomic ... 42 Table: South Korea - Economic Activity, 2008-2015 .. 45 Prescription Drug Market Forecast 46 Table: South Korea's Prescription Drug Market Forecast, 2008-2015 ... 47
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>> Get this Report Now by email! Patented Drug Market Forecast . 48 Table: South Korea's Patented Drug Market Forecast, 2008-2015 . 48 Generic Drug Market Forecast ... 49 Table: South Korea's Generic Drug Market Forecast, 2008-2015 .. 50 OTC Medicine Market Forecast . 51 Table: South Korea's OTC Medicine Market Forecast, 2008-2015 . 52 Pharmaceutical Trade Forecast . 53 Table: South Korea's Pharmaceutical Trade Forecast, 2008-2015 . 54 Medical Device Market Forecast 55 Table: Classification Of Medical Devices In South Korea .. 55 Recent Developments in the Medical Devices Sector .. 56 Table: South Korea's Medical Device Market Forecast, 2008-2015 ... 57 Other Healthcare Data Forecasts ... 58 Key Risks to BMI's Forecast Scenario 59 Competitive Landscape 60 Pharmaceutical Industry . 60 Recent Developments .. 61 Table: Leading Pharmaceutical Companies On Korea Exchange According To Market Capitalisation . 62 Domestic Pharmaceutical Industry . 63 Company Profiles .. 65 Leading Local Manufacturers .. 65 Dong-A ... 65 Chong Kun Dang Pharmaceutical .. 68 Hanmi Pharmaceutical Co.. 69 Yuhan Corporation . 71 Daewoong Pharmaceutical . 73 Bukwang Pharmaceutical Company ... 75 Kuhnil Pharmaceutical ... 77 Choongwae . 79 Leading Multinational Companies ... 81 GlaxoSmithKline . 81 Pfizer .. 83 Sanofi-Aventis . 85 Merck & Co 88 Novartis .. 90 Eli Lilly ... 92 Country Snapshot: South Korea Demographic Data . 94 Section 1: Population .. 94 Table: Demographic Indicators, 2005-2030 ... 94 Table: Rural/Urban Breakdown, 2005-2030 .. 95 Section 2: Education And Healthcare . 95 Table: Education, 2002-2005 . 95 Table: Vital Statistics, 2005-2030 ... 95 Section 3: Labour Market And Spending Power . 96 Table: Employment Indicators, 2001-2006 . 96 Table: Consumer Expenditure, 2000-2012 (US$) ... 96 Table: Average Annual Wages, 2000-2012 . 97 Glossary . 98
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>> Get this Report Now by email! BMI Methodology 100 How We Generate Our Pharmaceutical Industry Forecasts ...100 Risk/Reward Ratings Methodology 101 Ratings Overview ...101 Table: Pharmaceutical Business Environment Indicators .102 Weighting ...103 Table: Weighting Of Components ..103
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